March 08, 2009 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) said group net profit rose 17 percent to 593 million rupees in 2008 from a year ago and that it managed to increase market share. Group total income in the financial year ending December 31, 2008 rose 49 percent to 13.9 billion rupees with net interest income up 38 percent to 2.9 billion rupees, according to the annual report.
“Even in the backdrop of a slowing down of the Sri Lankan banking industry, your bank managed to grow its business volumes at above the industry growth rates, thus signifying an increase in its market share,” NTB chairman Ajit Gunewardene told shareholders in the annual report.
Loans and advances and deposits grew by 16 percent and 19 percent.
“We foresee maintaining liquidity, cost containment, revenue growth and maintaining asset quality to be business imperatives for succeeding under trying and testing conditions envisaged for 2009,” Gunewardene said.
“We also foresee significant opportunities to expand and capture profitable market share in this environment.”
The bank intends to branch out of the Western Province to the Uva province in the central hills and the Southern Province